Paysafe Expands its Reach in the iGaming Industry as the Digital Wallet Enters Ohio
Paysafe is a digital wallet that stores payment methods such as credit cards and allows customers to pay without the use of cash.
Paysafe is a digital wallet that stores payment methods such as credit cards and allows customers to pay without the use of cash. The company looks to expand its iGaming presence in the United States as it looks to gain market access in Ohio.
Paysafe is Making Waves in the United States
Paysafe has been busy at the end of 2022 as it entered the Maryland sports betting market in the fourth quarter. Deposits and payouts can be made using Paysafe’s Skrill digital wallet. Ohio entered the sports betting and iGaming industries in a big way as it set the tone for the rest of the states that will be convening in their respective legislative sessions.
Ohio is set to become a member of the top ten most prominent markets in both sectors because the state has the seventh-largest population in the nation. According to PlayOhio, the Buckeye State is expected to generate $900 million in gross revenue annually once the market matures.
Paysafe now supports payments for iGaming operators in 25 states and jurisdictions across the United States. Its presence doesn’t stop there because the company is providing a payment option for DraftKings when mobile sports betting became official in Maryland.
Along with these two operators, Paysafe has extended its longstanding payments partnerships into Ohio, along with Betfred Sportsbook, Betway, Hard Rock Sportsbook, and SuperBook Sports. Customers can securely make deposits with their credit cards and debit cards.
What Else Can People Using Paysafe Do?
Bettors across the state could deposit and receive payments on the Betway sportsbook app. Paysafe boosted its platform as its UX will support instant deposits. This is convenient, as some banks could take up to three business days for customers to receive withdrawals.
Additionally, Betway, PointsBet, and SuperBook Sports can offer their Ohio customers a variety of third-party alternative payment methods (APMs) by connecting to the Paysafe payments platform. For companies involved in the iGaming industry, gaining market access and partnerships are important, as iGaming will be discussed during many legislative sessions.
Currently, six states offer online casino gaming, while seven offer that in addition to poker. Gaining popularity in these markets will help the company gain more investors in the long run.
Paysafe LTD started as a SPAC and struggled to keep the stock price up because the company had many losses on its balance sheet. Over a year ago, Foley Trasimene Acquisition Corp. II announced that its shareholders approved a deal with FinTech firm Paysafe since the two sides agreed to a $9 billion deal.
Paysafe is a renowned global payment platform and handles over $100 billion in transactions annually. Zak Cutler, President of Global Gaming at Paysafe, stated, the company will look forward to supporting its operators in Ohio moving forward. Samsung Pay, Apple Pay, and Venmo are other competitors that have a similar concept to Paysafe.